November offered no hint of a housing recovery in Palm Beach County. The median price and sales of existing homes fell again, as they have in each month during 2007.
“The story is still the same one we’ve been dealing with,” said Mike Larson, an analyst with Weiss Research in Jupiter. “Southeast Florida is one the toughest housing markets in the country right now.” Analysts say the housing slump will worsen early in 2008 as more adjustable-rate mortgages reset higher, sending homeowners into foreclosure and adding to the glut of properties for sale.
Some experts see improvement beginning later in the year, while others say that might not happen until 2009 or 2010.
Palm Beach County’s median price for homes sold in November was $345,700, down 7 percent from $370,400 a year ago, the Florida Association of Realtors said Monday. Sales declined 13 percent, to 459 from 525 last November.
The county’s existing condominium market also was hit hard, with the median price of $177,400 falling 19 percent from $219,800 a year ago. Condo sales dropped 17 percent, to 347 from 420.
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